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ATO wound up 44 SMSFs
The Australian Taxation Office (ATO) has released statistics which may serve to undermine claims by Australian Prudential Regulation Authority (APRA)-regulated funds that self-managed superannuation funds (SMSFs) operate in a less onerous regulatory environment.
The statistics, outlined by the ATO's Assistant Commissioner, SMSF segment, Kasey Macfarlane, revealed that 361 SMSFs had been subject to enforceable undertakings last financial year, that 92 funds were made non-compliant and that 44 SMSFs were wound up due to compliance action.
The ATO data also revealed that 662 SMSF trustees had been disqualified during the period.
Macfarlane also pointed out that, utilising new powers, the ATO had issued 54 education directions to SMSF trustees together with 27 rectification directions.
The ATO Assistant Commissioner also confirmed the degree to which the ATO acts to query SMSF establishment stating that the ATO's risk-management efforts start as soon as an SMSF applies for registration.
"The SMSF establishment model focuses on the compliance history of the trustees/directors (e.g. if they have previously been part of another SMSF we had issues with), the individual's debt and lodgement history, their superannuation balance, and whether they are in receipt of commonwealth benefits," she said.
"In this process, we approach trustees by telephone and ask them questions about key obligations and concepts (such as the sole-purpose test for example). Depending on their answers we may allow registration or put conditions in place."
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